Meta Materials announces results from strategic restructuring

Meta Materials announced preliminary positive cost cutting results from the initial stages of restructuring, while signaling its intent to focus on core business lines currently generating revenue and those expected to generate revenue in the not-too-distant future. This update follows the revised operating plan, which was approved by our board of directors on June 6, 2023. With hundreds of patents, multiple production facilities and R&D labs, META’s in-house team continues to work on the company’s most productive business lines, including: Photonic Material: META’s proprietary KolourOptik and LumaChrome anti-counterfeiting security foils have gained broad awareness in the banking industry, with a number of global currency customers in talks. On September 12, 2023, META launched its first fully animated nano-optic banknote security product, QUANTUM stripe based on KolourOptik technology; orders are being accepted from industry partners. On September 20, 2023, META appointed Mark Spencer as SVP of Product & Design for its authentication division. The industry veteran has expertise in banknote design, development and production, having served with De La Rue and Crane Currency. On September 27, 2023, META received $6.2 million in new purchase orders; the larger agreement with a confidential G10 central bank customer spans up to 5 years for up to $41.5M from initiation. Electro-Optics: META’s wide area motion imagery platform, VLEPSIS, deploys both proprietary hardware and artificial intelligence to monitor hundreds of objects/locations simultaneously. Applications for this technology include security and surveillance, border monitoring, search and rescue, traffic management, and novel smart city sensing, among others. On November 13-17, 2023, META will be showcasing this latest innovation at the Dubai Airshow. Battery Materials: NCORE current collectors and NPORE battery separators are groundbreaking technologies that increase energy/power density, while improving battery safety. The battery technology results in safer, lighter, more sustainable batteries with broad potential applications, especially in the hybrid and electric vehicle space. In addition to an external partnership with a tier-1 global OEM, the Company is exploring partnerships with a number of battery companies with a target of broad-scale commercialization. On March 20, 2023, META announced a joint development agreement for NPORE battery separator materials with a confidential global Top 10 battery OEMs. In this effort, META plans to spin-off a number of other business lines in order to capture and preserve additional capital for expenses and R&D focused on core products. The company also intends to eliminate redundancies, including overhead and limited non-essential workforce. The expected annualized cost savings will be approximately $20 to 30 million, with additional savings possible as the company continues to right-size facilities and spending.